Lake Forest-based Cooper Cos. closed its acquisition of Concord-based rival Ocular Sciences Inc. for $1.2 billion on Thursday.
The closing comes a day after federal regulators gave a long-awaited go-ahead to Cooper to buy Ocular. The Federal Trade Commission, which was looked at antitrust aspects of the deal, said no further action was needed in the review.
Cooper, a maker of contact lenses and surgical devices, originally agreed to buy Ocular for cash and stock back in July. The two companies’ shareholders approved the deal Nov. 16. Cooper had hoped to wrap it up by late last year.
The plan, said Chief Executve A. Thomas Bender, was to quickly combine the companies’ operations “so that we can concentrate on growing our business and offering new and innovative product offerings to our customers.”
The Cooper-Ocular combination creates the world’s third largest contact lens company, trailing only Johnson & Johnson and Bausch & Lomb.
Fueled by a rise in teenagers, who are generally the entry level to the contact lens market, Cooper and Ocular were considered the fastest-growing companies in their segment.
CooperVision, Cooper’s contact lens unit, is a player in the specialty contact lens market, including products for patients with dry eyes and astigmatism, while Ocular supplies primarily spherical and daily disposable contact lenses.
